Bitcoin Price Stumbles at Resistance — Will the Dip Deepen?

Source Newsbtc

Bitcoin price started a fresh decline below the $106,800 zone. BTC is now consolidating and facing resistance near the $106,200 zone.

  • Bitcoin started a fresh decline below the $106,200 zone.
  • The price is trading below $106,800 and the 100 hourly Simple moving average.
  • There is a short-term triangle forming with support at $104,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it stays above the $103,500 zone.

Bitcoin Price Dips Again

Bitcoin price started a fresh decline after it failed to clear the $108,800 resistance zone. BTC dipped below the $108,000 and $107,000 levels.

There was a clear move below the $106,200 support level. Finally, the price tested the $103,500 zone. A low was formed at $103,400 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $108,924 swing high to the $103,400 low.

Bitcoin is now trading below $106,800 and the 100 hourly Simple moving average. Besides, there is a short-term triangle forming with support at $104,200 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $105,200 level. The first key resistance is near the $105,500 level. The next key resistance could be $106,200. It is near the 50% Fib retracement level of the downward move from the $108,924 swing high to the $103,400 low.

Bitcoin Price

A close above the $106,200 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $106,200 resistance zone, it could start another decline. Immediate support is near the $104,200 level. The first major support is near the $103,500 level.

The next support is now near the $102,500 zone. Any more losses might send the price toward the $101,200 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $104,200, followed by $103,500.

Major Resistance Levels – $105,500 and $106,200.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Forex Today: US Dollar consolidates Fed-inspired gains, key data incomingThe US Dollar corrects lower after gathering strength against its rivals on Wednesday, supported by strong data releases and the Fed's cautious tone on policy-easing.
Author  FXStreet
Jul 31, Thu
The US Dollar corrects lower after gathering strength against its rivals on Wednesday, supported by strong data releases and the Fed's cautious tone on policy-easing.
placeholder
Bitcoin Short-Term Holders Are Selling At A Loss Amid Ongoing Price FluctuationsAfter coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
Author  Bitcoinist
8 hours ago
After coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
placeholder
Gold Price Forecast: XAU/USD holds losses below $3,300 as Trump sets baseline tariff rate of 10%The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
Author  FXStreet
7 hours ago
The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
placeholder
Japanese Yen refreshes multi-month low against USD; seems vulnerable ahead of US NFPThe Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
Author  FXStreet
6 hours ago
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
placeholder
Gold price flat lines above one-month low as traders seem reluctant ahead of US NFP reportGold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
3 hours ago
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
goTop
quote